When policymakers are about to make an important decision, they consider many dimensions to analyze first. Examples of these dimensions are the economic dimension, the social dimension, the environmental dimension, and the political dimension. Because these dimensions are usually integrated, it is, in many times, challenging to analyze each dimension separately from the others.
In this discussion, you will try to practice this challenging process and analyze a policy only from the economic dimension (prospect) without being dragged into analyzing any other dimensions unless they have a significant economic impact.
Now, consider the “price gouging” Law in Texas, where sellers of necessities are prohibited from raising their prices significantly during severe disasters, such as hurricane Harvey or any other government-declared emergencies. You will use your learning from the textbook (the “market equilibrium and policy” chapter) to review an “article” and then answer to the prompt question of the discussion.
Prompt Question:
Using the following “article” and the textbook explanation in the “chapter 3,” as price “price gouging” is clearly a government intervention in the free market (a price-control policy); from a purely economic perspective, discuss the potential pros and cons of the “price gouging” law in Texas.
You need to use both the textbook analysis (in chapter 3) and the article (Hill, 2017) to answer the prompt question of the discussion.
Focus on the “economic” reasoning and do not get dragged into politics or social measures when answering the prompt question of the discussion, unless there is a direct economic perspective involved, and cannot be separated.
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